Prudential PLC (PRU.L)
23 Sep 2016
Latest Key Developments (Source: Significant Developments)
Prudential PLC:Through its subsidiary Prudential Holdings Limited, confirms that it completed the sale of its closed book life insurance business in Japan, PCA Life Insurance Co., Ltd (PCA Life Japan) to SBI Holdings, Inc (SBI Holdings) on Feb. 5.Of the agreed $85 mln cash consideration, Prudential received $68 million on completion of the transaction, and will receive a further payment of up to $17 million contingent upon the future performance of PCA Life Japan. Full Article
Prudential PLC's Prudential Assurance Company agrees to sell its stake in UK health and protection joint venture
Prudential PLC:The Prudential Assurance Company Limited (PAC), the UK subsidiary of Prudential Plc, has reached an agreement to sell its 25 pct equity stake in the PruHealth and PruProtect joint venture to Discovery Group Europe Limited (Discovery) for 155 mln pounds in cash.PAC's minority stake in the joint venture has the characteristics of a financial rather than strategic investment in the UK protection market, with the majority of operating functions provided by Discovery.This transaction will enable Prudential UK to realise its investment at attractive terms while providing full strategic optionality to re-enter this market in due course.Prudential UK will work closely with Discovery to ensure a smooth transition and will continue to support the business for transitional period. Full Article
LONDON, Sept 9 Staff at a British regional office of insurer Prudential have voted to strike over plans to transfer 82 jobs to Mumbai, the Unite union said on Friday.